Uber Continues to Grow, Despite Scandals

Pedestrians walk past the Uber Technologies headquarters building in San Francisco California U.S

A blog post written by a former employee touched off an investigation into its workplace culture that resulted in numerous firings and Travis Kalanick's resignation from his post as Uber's CEO.

Earnings figures first reported on news Web site Axios and confirmed by reporters showed that adjusted net revenue at Uber was US$1.75 billion in the second quarter, more than doubling from about US$800 million in the same period a year ago. The amount of trips on its app worldwide increased by 150% over the same period one year ago with growth being the strongest across developing markets.

Uber reported $1.75 billion in adjusted net revenue for the quarter, a 17 percent increase over the previous quarter. Adjusted net revenue, or what the company receives after it pays its drivers, also grew to $1.75 billion, compared to $1.5 billion in the first quarter. He has since tried to hang on to the three board seats he controls even as Benchmark sues him for fraud.

Uber may have tanked in the public's eyes, but its highly publicized scandals from the past few months appear not to have had much effect on its business.

Presuming Uber's revenue reaches $8 billion this year and it loses well over $1 billion, the company faces significant competition from quarters as diverse as Lyft to traditional vehicle manufacturers.




Since 2010, Uber has raised more than $15 billion from investors, allowing it to operate at a significant loss.

An executive committee is steering Uber as it searches for a CEO. The company said it has $6.6 billion in the bank, down from around $7.2 billion in the first quarter.

Figures published by news website Axios have today shown that Uber's revenues are increasing, while its losses are reducing.

If investors were anxious that Uber Technologies Inc.'s seemingly endless controversies would hurt its business, that doesn't seem to be the case just yet.

Uber, which remains a private company, has been doling out its financial results to news outlets every quarter after years of periodic leaks. Its head of finance, Gautam Gupta, left Uber this year for the startup OpenDoor.

Related news:

Hot News

isis-killer-beheading-video-story-top It's Out! Revamped version of `Chalti Hai Kya 9 se 12`
Aug 26, 2017 - 03:21
It is nearly like the song had a rebirth to make the youth groove to the number while having the appeal of modern dance moves. It is about twin brothers who are separated soon after birth, meet in adulthood and join forces to defeat their common enemy.

isis-killer-beheading-video-story-top Taylor Swift teases 2018 tour, creates ticket-buying initiative for fans
Aug 26, 2017 - 01:03
This is obviously referencing her phone call with Kanye and how she's no longer the girl she used to be before the scandal. If so, my honest congratulations - unlike me, you have probably never failed to confirm a dentist appointment.

isis-killer-beheading-video-story-top Percent of Americans See Trump as Divider, Poll Finds
Aug 26, 2017 - 01:01
Also included in the poll, half of the voters oppose removing Confederate statues from public spaces, while 39 percent support it. And 3% of American voters said they "haven't heard enough" about Trump to say if they have a favorable or unfavorable view him.

isis-killer-beheading-video-story-top Trump attacks GOP leaders over debt ceiling
Aug 26, 2017 - 00:58
Congress faces an October deadline to increase the government's borrowing authority and avoid defaulting on USA obligations. The Trump administration had been hoping Congress would pass a debt limit bill before embarking on a long summer recess.

isis-killer-beheading-video-story-top Thai court to issue arrest warrant for former PM
Aug 26, 2017 - 00:53
Yingluck was ousted as prime minister by a court ruling involving a nepotism case shortly before the coup ejected her government. The junta that seized control of Thailand has since suppressed dissent and banned political gatherings of more than five people.

isis-killer-beheading-video-story-top 14 killed as bomber, gunmen attack mosque in Kabul
Aug 26, 2017 - 00:47
Mir Hussain Nasiri says gunmen have taken over the portion of the mosque with the separate prayer areas for men and women. While the fierce gun battle was underway, another explosion occurred close to Imam Zaman Mosque.

isis-killer-beheading-video-story-top U.S. trying to promote crisis in Venezuela - foreign minister
Aug 26, 2017 - 00:42
Several prominent opposition mayors have also been removed or ordered arrested by the pro-government supreme court. The sanctions would bar dealings in new bonds and stocks issued by the government and state oil company.

isis-killer-beheading-video-story-top Iran media report Apple shuts down Iranian apps
Aug 26, 2017 - 00:39
Another popular Iranian app that was recently pulled down was DelionFoods, an online food delivery service company. Google does not appear to have undertaken a similar campaign against apps in its Play Store.

isis-killer-beheading-video-story-top Court orders company to turn over metadata from anti-Trump website
Aug 25, 2017 - 00:53
Federal prosecutors say website Disruptj20.org was used to plan a violent anti-Trump riot on Inauguration Day in Washington, D.C. The legal battle between DreamHost and the DoJ raises questions about law enforcement overreach and access to user data.

isis-killer-beheading-video-story-top Disney Using Augmented Reality to Sell New 'Star Wars' Merchandise
Aug 25, 2017 - 00:40
That means you can take a photo or video standing alongside the likes of Admiral Ackbar (as demonstrated in the video above). Aside from being the launch date for the first wave of new merch from the upcoming Episode VIII , Sept. 1, a.k.a.

isis-killer-beheading-video-story-top Vandenberg AFB satellite launch aboard SpaceX Falcon 9 rocket huge success
Aug 25, 2017 - 00:38
This was the 15th successful landing of a Falcon 9 first stage in 40 liftoffs, and the ninth to land on a ship. The launch was delayed several times, though, and SpaceX ultimately phased out its lighter rockets.

isis-killer-beheading-video-story-top Here's a Look at Call of Duty: WW2's Headquarters Social Space
Aug 24, 2017 - 01:39
PS4 players who pre-ordered the game should have access to a beta code and can now download the beta from the PlayStation Store. Activision says that everyone will receive a code before 10 am PT, 1 am ET, 6 pm BST, 7 pm CEST on Friday, August 25.

isis-killer-beheading-video-story-top Sony Xperia Devices Claimed to Be Misrepresented as 'Waterproof' in New Lawsuit
Aug 24, 2017 - 01:37
The Japanese company reportedly advertised its products as " waterproof " and a case has been filed against that very claim. The new upcoming Sony Xperia XZ1 and XZ1 Compact prices have leaked out in full detail for the United Kingdom customers.

isis-killer-beheading-video-story-top Geoffrey Boycott sorry after joking: I should black up for a knighthood
Aug 24, 2017 - 01:37
I feel so bad about mine I'm going to tie it round my cat. 'Suddenly, when England win, all hell breaks loose. It just shows how foolish it was when they come out here two years later and are absolutely annihilated'.

isis-killer-beheading-video-story-top Vitamin B Increases Risk Of Lung Cancer, Especially Among Men
Aug 24, 2017 - 01:36
Upon enrolling in the study, participants reported information to researchers about B-vitamin usage over the past 10 years. Until more research is completed, there is no conclusive link between high doses of vitamin B and lung cancer .